Key TakeawaysRBC Capital Markets has initiated coverage on major private equity firms Blackstone, KKR, and TPG with Outperform ratings, signaling a highly bullish outlook for the alternative asset management sector.Citigroup raised its price target for BHP Group to 2,800p (up from 2,600p), following a trend of analyst upgrades driven by the company's strong copper momentum and disciplined balance sheet.President Volodymyr Zelenskiy marked the fourth anniversary of the full-scale invasion of Ukraine, reaffir ...

Core Insights - The article discusses the recent launch of three new income ETFs by Global X and Rex Shares, highlighting their strategies and potential benefits for investors [1] Group 1: Global X Income ETFs - Global X Asset Management launched two new income ETFs: the Global X Nasdaq-100® Income EdgeSM ETF (EDGQ) and the Global X U.S. 500 Income EdgeSM ETF (EDGX), targeting weekly distributions [1] - EDGQ aims for a distribution rate of 13%, while EDGX targets a 9% distribution rate, both utilizing covered calls [1] - The management fees for these ETFs are set at 50 basis points but have been waived to zero until March 2027, expanding Global X's income ETF lineup to 16 strategies [1] Group 2: Rex Shares Income ETF - Rex Shares launched the REX Autocallable Income ETF (ATCL), which aims to provide rules-based exposure without relying on traditional credit or extended-duration exposure [1] - ATCL seeks to replicate the performance of a systematic laddered portfolio of autocallable derivative positions using the Bloomberg US Large Cap VolMax Autocallable Total Return Index [1] - The CEO of REX Shares emphasized the strategy's focus on broader diversification and disciplined ETF construction to generate consistent income within a defined risk framework [1] Group 3: Market Context - The article notes that the derivative income ETF space has seen significant growth and innovation, with these new launches contributing to an increasingly important segment for investors seeking current income [1]

Core Viewpoint - Halliburton (HAL.US) has shown significant financial performance and market activity, with a focus on its latest earnings report and business outlook [1]. Financial Performance - On January 21, 2026, Halliburton reported a net profit of $589 million for Q4 2025, with adjusted earnings per share of $0.69, exceeding market expectations of $0.55 [1]. - Total revenue reached $5.66 billion, with international revenue increasing by 7% to $3.5 billion quarter-over-quarter [1]. - Operating cash flow was $1.17 billion, and the company repurchased $250 million of its common stock [1]. Stock Performance - On February 4, 2026, Halliburton's trading volume reached $599 million, a 61.15% increase from the previous day, with a stock price of $34.34, reflecting a daily increase of 1.39% [1]. - Year-to-date, the stock price has risen by 21.51%, and over the past 52 weeks, it has increased by 30.37%, indicating heightened short-term market interest [1]. Market Outlook - On January 22, 2026, Halliburton forecasted that international revenue would remain flat or see slight growth, while North American revenue is expected to decline by a high single-digit percentage [1]. - Total revenue growth for 2025 was approximately 4% [1]. - Institutions such as JPMorgan (target price of $35) and RBC Capital Markets (target price of $38) have recently issued ratings, highlighting potential opportunities in the Venezuelan market and the impact of weak demand in North America [1]. Business Developments - In Q4, Halliburton signed an agreement with Volta Grid to develop distributed generation solutions for data centers, planning to deliver a 400 MW project by 2028 [2]. - The company also secured a comprehensive drilling services contract with Shell in Nigeria, strengthening its position in the energy services sector [2].

Core Viewpoint - NatWest is acquiring wealth manager Evelyn Partners for 2.7 billion pounds (approximately $3.6 billion) to enhance its savings and investment business [1][2]. Group 1: Acquisition Details - The acquisition of Evelyn Partners from private equity firms Permira and Warburg Pincus is aimed at strengthening NatWest's position in the wealth management sector [2]. - This deal is seen as a transformational move for NatWest, filling a gap in its affluent wealth offering, according to RBC Capital Markets analyst Benjamin Toms [4]. Group 2: Strategic Context - The acquisition aligns with a broader trend among European banks to diversify revenue sources and reduce reliance on lending income as central banks lower interest rates [4]. - NatWest's focus has traditionally been on high net-worth customers through its private bank Coutts, which has a long-standing reputation [5]. Group 3: Market Implications - CEO Paul Thwaite emphasized that the deal will help customers maximize their financial potential through a wider range of services, contributing to economic growth [3].

Group 1 - The core viewpoint of the articles indicates that hedge funds are betting on further depreciation of the British pound due to uncertainties surrounding Prime Minister Starmer's leadership and the Bank of England's proximity to interest rate cuts [1][4][5] - On February 5, the British pound fell to its lowest level against the euro and the dollar in two weeks, driven by investor concerns over the stability of Starmer's administration and the resignation of his chief of staff following the appointment of Peter Mandelson as the U.S. ambassador [1][4] - The options market shows that traders are increasingly using the euro as a hedge against UK-specific risks, with the premium for hedging against a decline in the pound against the euro reaching its highest level since late November [1][4] Group 2 - Following a more than 5% depreciation of the pound against the euro last year, the latest developments represent another setback for the currency, with Goldman Sachs predicting a 6% depreciation over the next 12 months and Nomura forecasting a 3% decline by the end of April [5] - RBC Capital Markets notes that the pressure on the pound is mounting due to the increasing instability of Starmer's position as a leader, even before the Bank of England makes its decision [2][5]

Core Viewpoint - RBC Capital Markets has downgraded Shell PLC to 'Sector Perform' from 'Outperform' due to concerns over the company's resource depth and a rare "double miss" on earnings [1][2]. Group 1: Downgrade Details - The price target for Shell has been cut to 3,200p from 3,600p, indicating approximately 12% upside from current levels [2]. - Analyst Biraj Borkhataria noted that Shell's trading update was weak, leading to earnings downgrades, and the company still missed expectations on results day, which is unusual outside of typically weak fourth quarters [2]. Group 2: Reserve Life Concerns - Shell's reserve life has decreased to just nine years, which is significantly lower than TotalEnergies at around 13 years and ExxonMobil at roughly 12 years [3]. - The gap in reserve life is expected to widen further with the release of 2025 numbers, particularly due to Shell's divestment of its Canadian oil sands position, which had high reserve life indices [3]. Group 3: Future Outlook and Risks - Management has indicated that the 2030 liquids gap has been "effectively solved" through smaller inorganic activities, but concerns about a 2035 shortfall remain, estimated to be approximately the size of one Galp in terms of volumes [4]. - RBC warns that without mergers and acquisitions (M&A) in the near term, concerns over Shell's longevity will persist, especially as distributions are increasingly funded by the balance sheet [4]. - The bank also highlighted execution risks related to M&A, noting that despite a reduction in share count by over 25% since the pandemic, Shell's valuation multiple has not expanded relative to the sector [4]. Group 4: Earnings Estimates - RBC has reduced its earnings estimates for 2026 and 2027 by 9% and 3%, respectively, partly due to a lower oil price forecast of $60 per barrel for Brent in 2026 [5]. - The overall assessment suggests that better risk-reward opportunities exist elsewhere in the sector [5].

Core Viewpoint - VSE Corporation has initiated concurrent public offerings totaling $650 million in common stock and $350 million in tangible equity units to finance the acquisition of Precision Aviation Group, Inc. [1][2] Group 1: Offerings Details - The offerings consist of $650 million of common stock and $350 million of tangible equity units, with an option for underwriters to purchase an additional 15% of the shares [1] - Each Unit includes a prepaid stock purchase contract and a senior amortizing note due February 1, 2029, with quarterly cash installments for interest and principal repayment [3] - The common stock and Units offerings are independent and not contingent on the completion of the PAG Acquisition or any debt financing [4] Group 2: Use of Proceeds - The net proceeds from the offerings will primarily fund the acquisition of Precision Aviation Group, Inc. [2] - If the PAG Acquisition does not occur, the proceeds will be used for general corporate purposes, including potential redemption of the Units [4] Group 3: Company Overview - VSE Corporation is a leading provider of aviation aftermarket distribution and repair services, focusing on enhancing the productivity and longevity of high-value assets [7] - The company supports engine component and airframe accessory part distribution and repair services for commercial and business aviation operators [8]

Core Insights - Jamf has been acquired by Francisco Partners for $13.05 per share in cash, totaling an enterprise value of approximately $2.2 billion [1][2] - The acquisition is expected to enhance Jamf's innovation roadmap and expand its product offerings, positioning the company for accelerated growth [2] - Following the acquisition, Jamf will operate as a privately held company and its common stock will no longer be listed on NASDAQ [3] Company Overview - Jamf specializes in managing and securing Apple ecosystems for organizations, providing a complete management and security solution designed for enterprise security and consumer simplicity [5] - Francisco Partners is a global investment firm with over 25 years of experience, having invested in more than 500 technology companies and raised over $50 billion in capital [6] Transaction Details - The transaction was approved by Jamf's stockholders during a special meeting held on January 8, 2026 [2] - Citi acted as the exclusive financial advisor for Jamf, while RBC Capital Markets served as the lead financial advisor for Francisco Partners [4]

Core Insights - Jamf has been acquired by Francisco Partners for $13.05 per share, totaling an enterprise value of approximately $2.2 billion [1][2] - The acquisition is expected to enhance Jamf's innovation roadmap and expand its product offerings, positioning the company for accelerated growth [2] - Following the acquisition, Jamf will operate as a privately held company and its common stock will no longer be listed on NASDAQ [3] Company Overview - Jamf specializes in managing and securing Apple ecosystems for organizations, providing a complete management and security solution tailored for Apple-first environments [5] - The company aims to simplify work for organizations while ensuring user trust and privacy [5] Investment Firm Profile - Francisco Partners is a prominent global investment firm focused on technology and technology-enabled businesses, with over $50 billion in capital raised and investments in more than 500 technology companies [6] - The firm leverages its sectoral knowledge and operational expertise to help companies achieve their full potential [6] Advisory Roles - Citi acted as the exclusive financial advisor for Jamf, while Kirkland & Ellis LLP served as its legal counsel [4] - RBC Capital Markets was the lead financial advisor for Francisco Partners, with additional advisory support from Goldman Sachs & Co. LLC and Deutsche Bank Securities Inc. [4]

Company Overview - PicPay is one of the largest digital banks in Brazil by number of customers, offering a range of financial products and services including digital wallets, credit cards, loans, "Buy Now Pay Later" (BNPL), investments, and insurance [6] - As of the third quarter of 2025, PicPay serves over 66 million customers, with 42 million active users [6] - The company reported an annualized return on equity (ROE) of 17.4% in the third quarter of 2025 [6] - For the first nine months of 2025, PicPay recorded total revenue and financial income of R$7.3 billion (approximately US$1.37 billion) and a net profit of R$313.8 million (approximately US$59 million) [6] - As of September 30, 2025, consumer deposits held by PicPay amounted to R$27 billion (approximately US$5 billion) [6] Initial Public Offering (IPO) Details - PicPay announced the pricing of its initial public offering, consisting of 22,857,143 Class A common shares at a public offering price of US$19.00 per share [1] - The Class A common shares are expected to begin trading on the Nasdaq Global Select Market under the symbol "PICS" on January 29, 2026 [1] - Prior to the closing of the offering, PicPay plans to change its name from Picpay Holdings Netherlands B.V. to PicS N.V., effective on Nasdaq on January 30, 2026 [1] - The underwriters have been granted a 30-day option to purchase up to an additional 3,428,572 Class A common shares at the initial public offering price [2]